Finra bars former Raymond James rep discharged over loans

The Financial Industry Regulatory Authority Inc. has barred Lance Roman Armstrong, formerly a broker with Raymond James, for failing to take part in an investigation looking into allegations that he borrowed money from customers. [More: No bonuses to advisers in Ladenburg Thalmann, Advisor Group deal] In February, Raymond James discharged Mr. Armstrong, of Columbia, N.J., saying in its termination notice to Finra that "He solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity." [Recommended video:​ Bob Oros said HighTower is likely to start buying smaller firms, too] Mr. Armstrong had been with Raymond James for 11 years and is no longer employed in the securities industry. Register today for our Future of Financial Advice event on Nov. 20.